securities star news, on may 14, 2024 dingyang technology (688112) announced that the company will accept institutional research on may 14, 2024, guojin Securities Co., Ltd., Caitong Securities Co., Ltd., Shanghai Glacier Asset Management Co., Ltd., Industrial and Commercial Bank of China Co., Ltd., Guangzhou Ruirong Private Equity Fund Management Co., Ltd., Shenzhen Zhengyuan Investment Co., Ltd., Shanghai Zhurun Investment Co., Ltd., Shandong Caijin Venture Capital Co., Ltd., Bank of Communications Schroder Fund Management Co., Ltd., Cathay Pacific Fund Management Co., Ltd., Changjiang Securities (Shanghai) Asset Management Co., Huatai Asset Management Co., Ltd. Shanghai Shibei Nengxin Private Equity Fund Management Partnership (Limited Partnership), Great Wall Wealth Insurance Asset Management Co., Ltd., Huaxia Jiuying Asset Management Co., Ltd., Hang Seng Qianhai Fund Management Co., Ltd., Yinhua Fund Management Co., Ltd., Huaxia Fund Management Co., Ltd., Donghai Fund Management Co., Ltd., Xingyin Wealth Management Co., Ltd., China Resources Yuada Fund Management Co., Ltd., Danshui Spring (Beijing) Investment Management Co., Ltd., Shanghai Shibei Nengxin Private Equity Fund Management Partnership, Ningbo Sandeng Investment Management Partnership (Limited Partnership), Hongyun Private Equity Fund Management (Hainan) Co., Ltd., Changjiang Securities Co., Ltd., Shenzhen Xinsizhe Investment Management Co., Ltd., Huisheng Fund Management Co., Ltd., Zhejiang Sangeng Asset Management Co., Ltd., Huaan Securities Co., Ltd., Green Fund Management Co., Ltd., Huatai Berry Fund Management Co., Ltd., China International Finance co., Ltd., Huachuang Securities Co., Ltd., Changsheng Fund Management Co., Ltd., Tianfeng Securities Co., Ltd., Zhengzhou Zhizi Investment Management Co., Ltd., Cinda Securities Co., Ltd., Guohai Securities Co., Ltd., Donghai Securities Co., Ltd., Shenzhen Laoying Investment Management Co., Ltd., Huamei International Investment Group Co., Ltd., Xingye Fund Management Co., Ltd., Guangdong Entropy Jane Private Fund Management Co., Ltd., Minsheng Securities Co., Ltd. Company, Shanghai Binyuan Asset Management Co., Ltd., ICBC Credit Suisse Fund Management Co., Ltd., Shanghai Shicheng Investment Management Co., Ltd., Guoxin Hongsheng Venture Capital Co., Ltd., NTF Asset Management Limited, Guoxin Securities Co., Ltd., Zhejiang Fuhua Ruiyin Investment Management Co., Ltd., Debang Fund Management Co., Ltd., CITIC Securities Co., Ltd., Shenzhen Xingyi Investment Management Co., Ltd., Shanxi Securities Co., Ltd., Shenzhen Chengyi Investment Co., Ltd., Huatai Insurance group Co., Ltd., Shanghai Xuhui Capital Investment Co., Ltd., Dongxing Securities Co., Ltd., Bank of China Fund Management Co., Ltd., CITIC Prudential Fund Management Co., Ltd., Southwest Securities Co., Ltd., Baichuan Wealth (Beijing) Investment Management Co., Ltd., Haitong Securities Co., Ltd., Western Securities Co., Ltd., Shenzhen Qianhai Junan Asset Management Co., Ltd., Jianxin Fund Management Co., Ltd., HUAFU SECURITIES CO.,LTD., Beijing Shunshida Asset Management Co., Ltd., Tianshi (Tianjin) Equity Investment Fund Management Partnership (Limited Partnership), Shenzhen Yuanzhi Credit Suisse Equity Investment Management Co., Ltd., Shanghai Puxin Investment Management Co., Ltd., Bank of China International Asset Management Co., Ltd., AwpiceCapitalManagement, Hunan Yuancheng Private Equity Fund Management Co., Ltd., China Securities Co., Ltd., Taikang Asset Management (Hong Kong) Co., Ltd., Xingzheng International Finance Group Co., Ltd. Company, Shanghai Everbright Securities Asset Management Co., Ltd., Shanghai Mingyu Asset Management Co., Ltd., SDIC Securities Co., Ltd., Hainan Qianxin Private Equity Fund Management Co., Ltd., Shanghai Minghe Investment Management Co., Ltd., China United Insurance Group Co., Ltd., Everbright Prudential Fund Management Co., Ltd., Shenzhen Chuangfu Zhaoye Financial Management Co., Ltd., Hangzhou Junxu Investment Management Co., Ltd., China Life Asset Management Co., Ltd., Shanghai Yonglu Assets management Co., Ltd., Zhongtian Guofu Securities Co., Ltd., Heyong Investment Management (Beijing) Co., Ltd., Fuanda Fund Management Co., Ltd., Fujian Haoshan Asset Management Co., Ltd., Chuangjin Hexin Fund Management Co., Ltd., Shanghai Gaoxin Private Equity Fund Management Co., Ltd., Qianhai Life Insurance Co., Ltd., Northeast Securities Co., Ltd., Golden Stock Securities Investment Consulting Guangdong Co., Ltd., Shanghai Zhanyi Asset Management Co., Ltd., Guangdong Bangzheng Asset Management ltd., Shanghai Guiyuan Investment Co., Ltd., Shanghai Junyi Boxing Venture Capital Management Co., Ltd., Ping An Securities Co., Ltd., Shanghai Securities Co., Ltd., Beijing Tongde Panshi Asset Management Co., Ltd., Huiquan Fund Management Co., Ltd., Shenwan Hongyuan Securities Co., Ltd., Shanghai Shenyin Wanguo Securities Research Institute Co., Ltd., Guangdong Investment Co., Ltd., Shanghai Hengfu Investment Management Co., Ltd., Minsheng Jiayin Fund Management Co., Ltd., Ltd., Shanghai Yingyi Assets management Co., Ltd., Shanghai Tianyi Investment Management Co., Ltd., Renqiao (Beijing) Asset Management Co., Ltd., Shandong Guohui Fund Management Co., Ltd., Sunshine Asset Management Co., Ltd., Xingyin Fund Management Co., Ltd., Guangzhou Yunxi Private Securities Investment Fund Management Co., Ltd. participated.

The details are as follows:

Q: How about the company's new product release plans for the four main forces of digital oscilloscope, spectrum analyzer, signal generator and vector network analyzer in 2024?

a: the company's four main product lines of digital oscilloscope, spectrum analyzer, signal generator and vector network analyzer have developed in a balanced way. based on long-term technology accumulation, the product iteration speed has been significantly accelerated in recent years. the company will continue to promote the research and development speed of various products under research in an orderly manner and maintain the release frequency of at least 4-8 new products every year in recent years.

The company's research and development is mainly based on two directions. The first is to develop higher-grade products to gradually narrow the technological gap with foreign superior companies, thereby improving the company's overall competitiveness and high-end market penetration capabilities; the second is to continue to use existing New technologies iterate and optimize existing products to maintain the competitiveness and profitability of the company's products.

in 2023, the company released a total of 7 new products, including 8-channel SDS6000 Pro series high-resolution high-bandwidth digital oscilloscopes, SH60 handheld signal analyzer, SPD4000X series four-channel programmable linear DC power supply, SDS3000X HD series, SDS800X HD series and SDS1000X HD series high-resolution digital oscilloscopes, further enriching the company's product line, broadening the application scenarios and scope of use of the company's products, and consolidating the competitive advantages of the company's products in the market, it will have a positive impact on the future development of the company.

Since 2024, the company has released two new products, including 8 GHz bandwidth, 12-bit high-resolution digital oscilloscope SDS7804 and high-speed six-and-a-half digital multimeter SDM4000 series. The release of the 8 GHz bandwidth high-resolution oscilloscope SDS7804 enabled the company to complete another important advancement in the field of high-end digital oscilloscopes, reflecting the company's technological innovation and product development capabilities, and further improving the company's high-end digital oscilloscope products The performance indicators broaden the application scenarios and scope of the company's digital oscilloscope products.

Q: What is the proportion of the company's main business income to the total operating income in each region outside the company?

A: The main areas for overseas sales of the company's own brand products are North America, Europe and other areas where the modern electronic information industry is relatively developed. In the first half of 2021, the Company's main business revenue in North America accounted for 39.61 percent of total operating revenue, the Company's main business revenue in Europe accounted for 29.36 percent of total operating revenue, and the Company's main business revenue in Asia, Africa, Latin America and other regions accounted for 6.82 percent of total operating revenue.

According to Technavio data, the general electronic test and measurement instrument market in 2022 is divided by region, with the Asia-Pacific region accounting for 36.12 percent, North America accounting for 32.53 percent, and Europe accounting for 23.45 percent. The Asia-Pacific region will be the best performing region from 2022 to 2027.

the company actively layout of the global market, after more than ten years of accumulation, the company has established a sound and stable sales system in the global market, the company has set up subsidiaries in the United States and Germany, the company's products and services are exported to more than 80 countries and regions around the world. In recent years, the company has actively explored the Southeast Asian market and established a subsidiary in Japan to expand its coverage in the Asia-Pacific region. Benefiting from the company's comprehensive global marketing network layout, the company's overseas market operating income rose steadily in 2023, up 16.80 percent year-on-year, up 2.29 percentage points from 14.51 percent in 2022.

Q: According to the characteristics of overseas regional markets, what is the company's sales strategy in overseas markets in the future?

A: According to the different characteristics of overseas regional markets, the company has formulated a more targeted sales strategy. The general electronic testing and measuring instrument industry in developed countries and regions such as Europe and the United States started earlier, the upstream and downstream industrial chain is developed, the market demand is mainly product upgrading, the market scale is large and the demand is relatively stable. The company will continue to maintain the promotion efforts in major markets in Europe and the United States, through the continuous introduction of new products, regular product training for dealers, and constantly consolidate and strengthen the competitiveness of products in the European and American markets.

Due to the rapid development of the electronics industry in emerging markets represented by India, the Asia-Pacific region has developed into the world's most important electronic product manufacturing center. The demand for general-purpose electronic testing and measuring instruments has great potential, and the demand for product popularization and upgrading coexist., Market demand shows a trend of rapid growth. In the future, the company will further strengthen the promotion of Japan and South Korea markets, as well as the promotion of emerging markets such as India and Southeast Asia, so as to increase the local market share.

At the same time, with the continuous advancement of the company's high-end strategy, high-end products that can compete with foreign superior companies, especially RF and microwave products, continue to be enriched. With the company's stable and complete channels and brand accumulation, the company's overseas market The competitive advantage will gradually strengthen.

Q: What is the profitability performance of RF microwave products such as RF microwave signal generators, spectrum analyzers and vector network analyzers?

A: The company's RF microwave products such as RF microwave signal generators, spectrum analyzers and vector network analyzers have stronger profitability than other products. From January to September 2023, the average unit price of the Company's RF and microwave products was 5.07 times that of digital oscilloscope products, and the average gross margin level was 12.20 percentage points higher than that of digital oscilloscope products.

according to Technavio analysis data, the global market size of spectrum analyzers, vector network analyzers and signal generators is $3.092 billion in 2022, and CGR is expected to be 6.8 percent, 6.37 percent and 5.89 percent respectively in 22-27 years. Based on the forward-looking judgment of market demand, the company began to actively distribute RF and microwave products in 2015. At present, the company has a complete matrix of such products and already has products with relatively high technical threshold, such as spectrum analyzer with the highest measurement frequency of 26.5 GHz, vector network analyzer with the highest measurement frequency of 26.5 GHz and RF and microwave signal generator with the highest output frequency of 40 GHz. At the same time, the company has continuously enriched product forms and expanded product categories, has launched a 26.5 GHz full dual-port handheld vector network analyzer and 7.5GHz handheld signal analyzer.

With the continuous improvement of the company's RF and microwave products in the global reputation and the further improvement of the company's global sales channels, with the advantages of perfect product matrix, stable product quality and obvious cost-effective advantages, the company's RF and microwave products continue to maintain a high growth momentum. In 2023, the company's domestic RF and microwave products increased by 59.70 year-on-year,Operating income continued to grow at a high rate.

Q: What is the proportion of the company's operating income in each category of products to the total operating income?

A: The company's main products include digital oscilloscopes, spectrum analyzers, signal generators, vector network analyzers and other four major products in the industry, as well as programmable DC power supplies, digital multimeters and electronic loads. In the first half of 2021, the company's digital oscilloscope operating income accounted for 55.46 percent of total operating income, waveform and signal generator operating income accounted for 13.88 percent of total operating income, spectrum and vector network analyzer operating income accounted for 13.03 percent of total operating income, and power supply and other operating income accounted for 17.63 percent of total operating income. With the gradual deepening of the promotion of the company's RF and microwave products, such products continue to maintain high growth, the proportion of operating income will gradually increase.

Dingyang Technology (688112) main business: research and development, production and sales of general electronic test and measurement instruments.

Dingyang Technology's first quarter report in 2024 showed that the company's main revenue was 0.104 billion yuan, up 1.62 percent from the same period last year. Net profit attributable to the parent was 30.3743 million yuan, down 15.33 percent from the same period last year. Deduction of non-net profit was 29.6819 million yuan, down 15.62 percent from the same period last year. Debt ratio 7.43, financial expenses -7.8113 million yuan, gross profit margin 63.1.

The stock has been rated by 12 institutions in the last 90 days, with 6 buy ratings and 6 overweight ratings; the average institutional target price in the past 90 days is 44.29.

The following is detailed earnings forecast information:

the data of margin trading and securities lending show that the net outflow of financing of the stock in the past three months is 1.915 million, and the financing balance is reduced; the net outflow of securities lending is 110000, and the balance of securities lending is reduced.

the above content is compiled by the securities star according to the public information and generated by the algorithm (no 310104345710301240019 of the net letter calculation), which has nothing to do with the position of this site. if there is any problem with the data, please contact us. This article is a data compilation, does not constitute any investment advice for you, investment is risky, please be cautious in your decision-making.

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